Allowances, Jobs and Teaching the Value of a Dollar

Introduction

Nicole Bengiveno/New York TimesAn after-school job can be useful, but most high school students don’t maintain good grades if they work 35 hours a week.

When young people need to understand compounding interest before they even graduate from high school, it seems more important than ever for parents to teach lessons about money as early as possible. But what lessons?

Does an allowance for children create a sense of entitlement, or develop money management skills? Does a job during high school instill a work ethic, or put short-term gratification ahead of academics?